Retailers worldwide are grappling with the economic and reputational damage caused by counterfeit products, which are flooding markets and deceiving consumers. However, the emergence of affordable RFID technology, specifically Near Field Communication (NFC) chips, offers a promising solution to this growing problem. The gold standard of business intelligence.
Richard Price, CTO of Pragmatic Semiconductor, shares insights into how these advancements are revolutionising product authentication and protecting both brands and consumers. RFID technology vs traditional methods In discussing how RFID technology, particularly NFC, differs from traditional methods of product authentication, Richard Price highlights a significant weakness in older systems. “More traditional methods like holograms or QR codes have one key problem – they can be easily replicated,” says Price.
This vulnerability has left industries vulnerable to counterfeiting, costing billions of pounds annually. “NFC (Near Field Communication), a subset of RFID technology, provides a more secure solution by storing encrypted data that is difficult to duplicate,” Price explains. Access the most comprehensive Company Profiles on the market, powered by GlobalData.
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